FEDERAL HOME LOAN BANK OF CINCINNATI ANNOUNCES 2022 AFFORDABLE HOUSING PROGRAM AWARD WINNERS

News provided by

Federal Home Loan Bank of Cincinnati

Nov 22, 2022, 15:39 ET

Nearly $12.1 million in Affordable Housing Program subsidy will benefit
affordable housing development in Kentucky, Ohio, Tennessee and beyond

CINCINNATI, Nov. 22, 2022 /PRNewswire/ -- Federal Home Loan Bank of Cincinnati President and CEO Andrew S. Howell announced the winners of 48 Affordable Housing Program (AHP) grants totaling nearly $12.1 million. Awarded to 36 member financial institutions, grant funds will be used to help create 1,537 units of affordable housing benefiting residents throughout Kentucky, Ohio, Tennessee and beyond.

"Our members and the affordable housing organizations they support often share with us how important our AHP funds have been in keeping their communities resilient and ready to face the ever-changing affordable housing challenges they encounter." Mr. Howell said. "For over 32 years, we have steadily invested more than $800 million through our members to benefit local nonprofit organizations that have used these funds to provide homes for families and veterans in need, build treatment centers, rehab homes, create senior rental housing and more."

FHLB Cincinnati allocates 10 percent of its net income annually to the AHP, which makes housing more affordable for households at or below 80 percent of the area median income. This 10 percent allocation was enhanced by a $3 million voluntary contribution to the AHP General Fund in September 2022. Subsidy is awarded to members through an annual AHP competitive offering and through the Welcome Home Program down payment assistance grants.

Since the first awards in 1990, the FHLB has contributed more than $841 million toward more than 104,000 units of affordable housing through the AHP and Welcome Home Program. These programs have enabled thousands of families to access decent, affordable housing.

For more information on specific awards and details of AHP, visit the FHLB Cincinnati website at www.fhlbcin.com.

About the FHLB

The FHLB is a AA+ rated wholesale cooperative bank owned by 618 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services (primarily Advances, which are a readily available, low-cost source of funds, purchases of certain mortgage loans from members, and issuance of Letters of Credit to members) and a competitive return through quarterly dividends on their capital investment in the FHLB. The FHLB funds these products and services by raising private-sector capital from member-stockholders and, with the other Federal Home Loan Banks (FHLBanks) in the FHLBank System, issuing high-quality debt in the global capital markets. The FHLB also funds community investment programs that help its members create affordable housing and promote community economic development.

SOURCE Federal Home Loan Bank of Cincinnati